Axis Bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance for a proposed investment, by Axis Bank in Go Digit Life Insurance, of an amount between Rs 49.90 crore to Rs 69.90 crore, in two tranches, by subscribing to equity shares of Go Digit Life Insurance, for an equity stake of up to 9.94% of the paid-up equity share capital of Go Digit Life Insurance, subject to execution of definitive agreements whose terms and conditions are to be mutually agreed upon, and fulfilment of other terms and conditions. The Go Digit Life Insurance proposes to carry out life insurance business in India, subject to grant of certificate of registration by Insurance Regulatory and Development Authority of India.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
